Duke Associates, antique dealers, purchased the contents of an estate for $37,500. Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Duke Associates’ warehouse was $1,200. Duke Associates insured the shipment at a cost of $150. Prior to putting the goods up for sale, they cleaned and refurbished them at a cost of $490. Determine the cost of the inventory acquired from the estate.
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